Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1887-12-15
THE GRANITE MOUNTAIN,
THE SPLENDID SHOWING MADE BY
THIS COMPANY,
Millions OF Dollars Worth Put in Sight
at an Original Outlay of Only About
S57 900

$1,000.
The Engineering and Mining Jour.
nal of the 10th instant devotes over
two pages to description Of the
Granite Mountain Mining Company's
property and map of its workings
The subject is worthy of such gener.
Gus treatment, as the Granite Noun.
tain stands to- day as the richest, mos,
successfully operated and heavies,
dividend paying mine in the world
During the current year it has already
paid 100000 IN dividends, and
though only six years old it has paid
its stockholders s3,6OO,OOO. The com.
pany paid its first dividend April Sth,
1885, and to and including Decembe
10, 1887, paid So dividends. The
mine is very remarkable one. The
pay chute from which the mills of the
company have been supplied has a
length Of 1855 feet, and the $40 feet
Of barren ground which followed are
succeeded by another pay chute which
has already been opened length of
l6l feet, the face of the drift being
still in ore. The ore ranges in value
from 10 ounces to rs ounces. 1t is of
two classes. The milling ore is treated
at the company's mills; the smelling
ore is sold in open market. The ore
reserves in sight are SO enormous
that third mill, of 40 stamps, will
be erected next spring, and the month
ly dividends will probably be doubled
within year thereafter.
The amount of dividends (S3,6OO,.
000 being known, it will be interest.
ing to ascertain the actual cost OF
developing the property up to the
date when the first dividend was de
clared, and the owners began "getting
their money back"
The property was originally 10
Gated in the autumn Of 1872, but was
allowed to lapse until July, 1875
when it was relocated by James w
Estill, Eli D. Holland and Josiah NJ
Merrell. October IS, 1880, Charlie.
D. Mcclure acquired title. December
"a, 1880, the Granite Mountain SYN
DIcATE was organized, Mr.. Mcclure
retaining the larger interest. Sep
TENDER 3, 1881, the Granite Mountain
COMPANY was formed.
Up to May !, 1881, about s., 76(
had been expended for development
A few days prior to that date (Apri
"a, 1884,, Professor Joshua E. Clay
ton, who visited the property as ex
pert for the syndicate, telegraphec
the following preliminary report:
Granite Mountain true fssure
Ven four to SIX feet wide. Cours'
nearly east and west. Average sam
pie assays forty four ounces. Prop
erty worth $4,000.
This was the result of the expend
iture of $77G0.
AS result of Professor Clayton
report the syndicate paid $4,000 TO
the property, and proceeded to de
velop the mines at cost of $40,
600 and to organize the company
which spent $4,000 additional.
Here, then, we have about S770C
and $4,000, and $4,000 total O
about S57,O00-gross expenses to de
velop property which has alread
paid over THREE-AND-A HALF NH
LIONS OF DOLLARS in dividends, an
which has thrice as much more l
sight.
This is indeed a magnificent show
ing, and it is doubtful if it can t
equaled anywhere.
The above should nerve our pro
pectors and claim owners to do the
best to develop their properties to Il
point where capitalists will feel Just
fed in taking hold of them.